1. Our consideration of public policies has been vast.Often the solutions called for by Economic Theory involve some expenditure of public funds, i.e. to move towards efficiency in one market setting we must see a subsidy granted, or undertake an expenditure of some other sort. We also must recognize that there are only three ways the US government can raise funds to spend in pursuit of its mission and mandates: it can tax, it can borrow, and it can create money. Funny how this fact never makes it into news reports or even bumper stickers.a.) Using the principle of economic efficiency what steps could the government take to ensure that while it is pursuing efficiency in individual markets, it is also attempting to be efficient in its own operations. Your argument, from the government perspective, must consider the marginal benefits and costs of dollars spent and some of the difficulties inherent in making those decisions involving obvious tradeoffs. This question is not about curtailing government spending, nor is about making a case for greater government spending. This question is about applying the concept of economic efficiency to a broader system of markets, those involving government actions. In short, you are being asked to determine what is “efficient” in terms of a government choosing to spend money.b.) Part b is worth one-half as much as part a.Find two examples and document them with citations where the government expends resource to mitigate some sort of inefficacy, i.e. prevents, or limits, some sort of market failure.The examples should talk about how the government action tries to lessen or eliminate an inefficiency – of course you need to identify the market and the inefficiency.2. This question concerns entry barriers and their role in economic markets.a.) Provide a definition of an entry barrier in general terms, explain the relationship between an entry barrier and the persistence of long run economic profits.b.) Please give an example that describes an entry barrier. Document, site, and explain the entry barrier you have chosen as an example. The entry barrier could benefit a single firm or it could benefit a small group of firms.Clearly talk about how the entry barrier functions.c.) Determine and justify your best estimate as to the value of that entry barrier.
How is the concept of economic efficiency applied to a broader system of markets?
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